MasterCard Finds CU Partners for Digital Wallet

At least three payment CUSOs with nationwide scope lost no time today to announce they had partnered with MasterCard in the distribution of its digital wallet called MasterPass.

PSCU, CO-OP Financial Services and The Members Group all announced they have partnered with MasterCard to make the new technology available to their member credit unions. MasterCard said MasterPass will support different approaches to points of sale purchases, will enable MasterCard issuers to offer digital wallets and will enable users to obtain other financial information, such balances and completed transactions, from the application.

“MasterPass empowers our credit unions to add a higher level of efficiency and value to their members’ payments experiences,” said Michael Kelly, PSCU CEO. “As more and more consumers demand versatile, mobile-based and secure ways to transact wherever they are, PSCU’s credit unions will be there to help them. This service is a key solution in establishing our member-owners as the most capable and relevant financial institutions for current and future members.”

TMG and CO-OP announced their participation jointly, reflecting the strategic partnership that they announced in January 2012.

“Credit unions are looking for trusted partners to capitalize on opportunities, such as the future of digital payments,” said Shazia Manus, CEO of TMG. “Together, our companies will be a single point of entry to the most innovative, tailored, cost-effective products and services as they prepare for next-generation banking.”

“This is a very exciting time in the payments industry, and the introduction of MasterPass will contribute to simplifying digital shopping,” said Stan Hollen, CEO of CO-OP Financial Services. “We formed our partnership with TMG to offer the best processing platform for each client’s unique needs, and our mutual partner, MasterCard, has introduced an important addition.”